View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1505-0255
ICR Reference No:
201603-1505-002
Status:
Historical Active
Previous ICR Reference No:
Agency/Subagency:
TREAS/DO
Agency Tracking No:
Title:
Hizballah Financial Sanctions Regulations
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
04/16/2016
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/15/2016
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/15/2016
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2016
6 Months From Approved
Responses
1
0
0
Time Burden (Hours)
2
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is adding the Hizballah Financial Sanctions Regulations to 31 C.F.R. chapter V, in order to implement the Hizballah International Financing Prevention Act of 2015, Public Law 114-102 (HIFPA).
Emergency Justfication:
The Office of Foreign Assets Control (OFAC) is submitting an emergency request for OMB approval for the following reasons. On December 18, 2015, the President signed the Hizballah International Financing Prevention Act of 2015, Public Law 114-102 (HIFPA) into law. Section 102 (a)(1) of HIFPA requires that no later than 120 days after the date of the enactment the President shall prescribe regulations to prohibit or impose strict conditions on the opening or maintaining in the United States of a correspondent account or a payable-through account by a foreign financial institution that the President determines engages in one or more of the following activities: (1) knowingly facilitating a significant transaction for Hizballah; (2) knowingly facilitating a significant transaction or transactions of a person identified on the List of Specially Designated Nationals and Blocked Persons (SDN List) maintained by OFAC, the property and interests in property of which are blocked pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) for acting on behalf of or at the direction of, or being owned or controlled by, Hizballah; (3) knowingly engaging in money laundering to carry out an activity described in (1) or (2); or (4) knowingly facilitating a significant transaction or transactions or providing significant financial services to carry out an activity described in (1), (2), or (3). On March 18, 2016 the President delegated to the Secretary of the Treasury in consultation with the Secretary of State the functions and authorities vested in the President by sections 102(a), 102(c), 204, and 302 of HIFPA. To implement Treasury’s delegated responsibilities under these provisions of HIFPA, OFAC intends to publish on or before April 15, 2016 in the Federal Register a final rule issuing the Hizballah Financial Sanctions Regulations (the “Regulations”) as a new Part 566 to 31 C.F.R. Chapter V. Section 566.504(b) of the regulations will require a U.S. financial institution that maintained a correspondent account or a payable-through account for a foreign financial institution for which the maintaining of such an account has been prohibited to file a report with OFAC that provides full details on the closing of each such account within 30 days of the closure of the account. This collection of information is essential to OFAC’s mission because it is required by OFAC to monitor compliance with regulatory requirements regarding the closure of correspondent accounts and payable-through accounts maintained by a U.S. financial institution for a foreign financial institution when the maintaining of such accounts for a foreign financial institution has been prohibited pursuant to the Regulations, and it is needed prior to the expiration of time periods established under 5 C.F.R. Part 1320 because the publication of the Regulations is subject to a statutory deadline that will occur prior to the expiration of those time periods. OFAC cannot reasonably comply with the normal clearance procedures because the normal clearance procedures would cause the statutory deadline for publication of regulations implementing HIFPA to be missed. OFAC is in the process of publishing a 60 day Federal Register Notice for public comment on the information collection and reporting requirements, after which OFAC plans to resubmit for OMB authorization for continued collection. Update: On April 15, 2016 the Hizballah Regulations 31 CFR part 566 were published in the Federal Register, (81 FR 22185)copy supplied as an other document.
Authorizing Statute(s):
PL:
Pub.L. 114 - 102 102(a), 102(c), 204 and 302
Name of Law: Hizballah International Financing Prevention Act of 2015
Citations for New Statutory Requirements:
PL: Pub.L. 114 - 102 102(a), 102(c), 204 and 302 Name of Law: Hizballah International Financing Prevention Act of 2015
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1505-AA00
Final or interim final rulemaking
81 FR 22185
04/15/2016
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Report on Closure by U.S. Financial Institutions of Correspondent Accounts and Payable-Through Accounts
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
1
0
1
0
0
0
Annual Time Burden (Hours)
2
0
2
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Kevin Whaley 202 622-5947 kevin.whaley@treasury.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
04/15/2016
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